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CHAPTER 3: BUDGET Sporting success cannot be achieved without sound financial management. Controlling the budget is an obligation that cannot be shirked. Once the legal and administrative framework of the budget has been established, the organising committee can maintain a clear and continuously updated estimate of the final cost of the project through the use of budget management tools. 1. From general accounting … The organiser’s primary obligations are legal. Organising committees must keep general accounts in compliance with the relevant chart of accounts, either according to company law or to the law governing associations, depending on the status of the organising body. The taxation statute must be finalised in accordance with current law before the first budget is drawn up. As a precaution, the organising committee should calculate expenditure inclusive of tax and receipts exclusive of tax. The organising committee must be able to issue purchase orders and invoices, be capable of receiving and paying bills and be able to assign payments to defined budget items. Each fiscal year must end with a settlement of accounts passed by the controlling authority. 2. … to budget management However, this retrospective and analytical approach does not allow all the operational processes involved in preparing the event to be foreseen and taken into account. To do this, it is necessary to apply management control and budget management tools. Such tools are designed to provide a clear estimate of the forecast final cost by measuring the rate of expenditure and thereby evaluating the physical progress of the project. General Accounting Tool Adding together expenditure (invoices) gives a precise figure for the final cost of the project, but only after the project has been completed Final cost of the project = total invoices Adding together orders provides a previsional estimate of the final cost Budget Management Tool Adding together planned expenditure and expenditure commitments (quotations and orders) gives an approximate forecast of the estimated final cost Final cost of the project = total invoices + orders + estimates + forecasts Figure 6 – Budget management: an approximate, but advance estimate of the forecast final cost (Source: Algoe) SENTEDALPS 19
Budget management allows decisions to be made according to the percentage expenditure commitment and the difference between the planning budget and the expenditure actually committed. An outline budget for the project, describing the content of the event and listing all the actions to be carried out, must be drawn up. This plan enables each budget item to be detailed in terms of actual and planned expenditure, the completion of the action, and the differences between forecast and actual expenditure. Based on this information, appropriate decisions can be taken. The issuing of purchase orders should be integrated into the budget management system, as this is the basic operational action. When choosing a budget management tool, the organising committee should ensure it incorporates a module for issuing purchase orders in such a way that they can be immediately assigned to the appropriate budget item. This operation is essential in order to ensure the total amount of authorised expenditure does not exceed possible receipts: the founding principle behind all budget management systems. Planning budget Sport 10 k€ Expenditure commitment Infrastructure and facilities Marketing and public relations Technology Services General administration Unforeseen expenditure 20 k€ 15 k€ 5 k€ 20 k€ 15 k€ 15 k€ 16 k€ Planned overall cost 100 k€ 101 k€ Decision Figure 7 – Budgetary analysis table and the choice of adjustment variables (Source: Algoe) Budget management begins with the first expenditure. For every commitment that does not comply with planned expenditure, a decision has to be made. In the case of overspending, there are three possible alternatives: - Cover the expenditure with extra receipts - Cover the expenditure from the unforeseen expenditure budget; however, this will deplete this item and reduce future room for manoeuvre - Make savings at another post by modifying the content or level of service of another dimension of the project 20 SENTEDALPS
Page 1 and 2: Sports Event Network for Tourism an
Page 3 and 4: GUIDE TO THE ORGANISATION OF SPORTS
Page 5 and 6: 4 SENTEDALPS
Page 7 and 8: What types of event does the guide
Page 9 and 10: Sportsperson Manager Politician Fig
Page 11 and 12: • Choosing a team and an organisa
Page 13 and 14: Technical structure of the project
Page 17 and 18: marketing rights, partnerships with
Page 19: 18 SENTEDALPS
Page 23 and 24: Ticketing must be taken into accoun
Page 25 and 26: 2. Model the project around its tec
Page 27 and 28: For complex projects that require m
Page 29 and 30: 2. Preliminary guidelines for each
Page 31 and 32: f. Ticketing Ticketing is one of th
Page 33 and 34: Project management chart at D -365
Page 35 and 36: Amongst other things, it is necessa
Page 37 and 38: Without necessarily using the full
Page 39 and 40: e reactive and pro-active and to de
Page 41 and 42: Local finances • Will the finance
Page 45 and 46: CASE STUDIES 2004 MOUNTAIN BIKE WOR
Page 47 and 48: Contractual relationship with the I
Page 49 and 50: Systems used for information manage
Page 51 and 52: • The Association was organised i
Page 55 and 56: • The entire Organisation Committ
Page 57 and 58: • A monitoring committee was set
Page 59 and 60: Sport Sports organisation 480 Sport
Page 61 and 62: • General management meetings inv
Page 63 and 64: Staff A-4 A-3 A-2 A-1 Service provi
Page 65: Budget • The budget was 1.3 milli

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